Technical Analysis Blog | PUG Stock Market Analysis, LLC

PUG Stock Market Analysis is here to help with Gold technical analysis, stock analysis and more. Read our technical analysis blog to learn more today.

January 30th, 2015: SP-500 EOD Update

Posted by pugsma on January 30, 2015

5:55 pm EST:  The SP-500 continues it’s range bound price movement between 1988 and 2065.  Once this range breaks, the correct wave count will be revealed.   In either case a big move is coming, 200-250 points up (primary) or 50-100 points down (alternate blue).

The primary count is that minute (2) of minor 3 of major [3]-P5-C1 played out as a deep nearly 100% retrace to 1989.18.  Wave (3) of minor 3 of major [3] should now be underway and should explode higher and make new highs above 2094.  It looks like could have a wave i-ii start to wave  (3), with a wave iii = 4.21*i target of 2145.  The minor 3 target is 2181, where minor 3 = 1.62*minor 1.  The major [3] target is at least 2232, where [3]=[1] and the P5-C1 target is at least 2254, where P5 = 0.62*P1.   A break below 1988 would invalidate the primary count.

The alternate (blue) wave count is that minor Y of major [2]-P5-C1 has been underway since the minor X high of 2065.  Note, wave major [2] looks to be playing out as a large double Zig-Zag, W (1992), X (2065) and now Y.  There are several wave minor Y Fibonacci based targets to look for the major [2] low.   We have Y=W = 1962, Y=1.23*W=1939 and Y=1.62*W=1899.   There are also the typical 50%/62% retrace targets are at 1950/1918.    Wave minor Y looks to have completed minute (a) at 1989 and a minute (b) bounce completed at 2015.  Wave (c) of minor Y looks to be underway and has (c)=(a) target at 2049 or (c)=1.62*(a) target at 1902, which agree with the minor [2] targets mentioned above.  A break above 2065 would invalidate the alternate (blue) count.

Have an awesome Super Bowl weekend !

SP-500 15-min chart (EOD):

PUG SP-500 15min chart EOD 1-30-15

SP-500 60-min chart (EOD):

PUG SP-500 60min chart EOD 1-30-15

SP-500 4-hr chart (EOD):

PUG SP-500 4-hr chart EOD 1-30-15

SP-500 daily chart (EOD):

PUG SP-500 daily chart EOD 1-30-15

Sorry, the comment form is closed at this time.

 
%d bloggers like this: